A dispute resolution cum amnesty scheme called the Sabka Vishwas Legacy Dispute Resolution Scheme is being introduced for resolution and settlement of legacy cases of Central Excise and Service Tax – Clause 119-134 of Finance (No.2) Bill, 2019 Extract of Clause 119-134 of Finance Bill 2019 SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 119. Short […]
Budget 2019- Retrospective exemption from service tax on service by way of grant of liquor licence, in certain cases relating to services provided by Indian Institutes of Management to students, and in certain cases relating to long term lease of plots for development of infrastructure for financial business. Note: (a) ‘Service Tax’ means the service […]
Section 206A: Electronic filing of statement of transactions on which tax has not been deducted Section 206A of the Act relates to furnishing of statement in respect of payment of certain income by way of interest to residents where no tax has been deducted at source. At present, the section provides for filing of such […]
Online filing of application seeking a determination of tax to be deducted at source on payment to non-residents Under sub-section (2) of section 195 of the Act, if a person who is responsible for paying any sum to a non-resident which is chargeable to tax under the Act (other than salary) considers that the whole […]
(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]
With a view to improve environment and to reduce vehicular pollution, it is proposed to insert a new section 80EEB in the Act so as to provide for a deduction in respect of interest on loan taken for purchase of an electric vehicle from any financial institution up to one lakh fifty thousand rupees subject […]
Section 9A of the Act provides for a safe harbour in respect of offshore funds. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager located in India and acting on behalf of such fund shall by itself not constitute business connection in […]
In order to promote the development of world class financial infrastructure in India, some tax concessions have already been provided in respect of business carried on from an International Financial Services Centre (IFSC). To further promote such development and bring these IFSC at par with similar IFSC in other countries, following additional benefits are proposed: […]
In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggregate made during the year, by a […]
Mandating acceptance of payments through prescribed electronic modes In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money and to promote digital economy, it is proposed to insert a new section 269SU in the Act so as to provide that every […]
